World Bank to invest $57bn in Nigeria, others

The World Bank Group has announced plans to invest $57 billion in the Sub-Saharan African region over the next three years.

Mr. Jim Yong Kim, World Bank President, made this announcement on Monday through the Senior Communications Officer for World Bank Nigeria, Mrs. Olufunke Olufon.

World Bank disclosed the fund will be raised by three subsidiaries of the group and will run from July 1, 2017 to June 30, 2020.

“The bulk of the financing, 45 billion dollars will come from the International Development Association (IDA), the World Bank Group’s fund for the poorest countries.

“The financing for Sub-Saharan Africa also will include an estimated eight billion dollars in private sector investments from the International Finance Corporation (IFC), a private sector arm of the Bank Group.

“Four billion dollars in financing, will come from the International Bank for Reconstruction and Development, its non-concessional public sector arm,” he said.

See also  Ribadu denies facilitating deposed Emir’s return to Kano as Ulamas, CISLAC warns Tinubu not to resolve tussle by force

Mr. Kim said that the investment is key to promoting economic change in the region, including Nigeria.

“With this commitment, we will work with our clients to substantially expand programs in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure, and institutional reform.

“The IDA financing for operations in Africa will be critical to addressing roadblocks that prevent the region from reaching its potential.

“To support countries’ development priorities, scaled-up investments will focus on tackling conflict, fragility, and violence; building resilience to crises including forced displacement, climate change, and pandemics; and reducing gender inequality.

“Efforts will also promote governance and institution building, as well as jobs and economic transformation.

“This financing will help African countries continue to grow, create opportunities for their citizens, and build resilience to shocks and crises,” he said.

See also  Governor Yusuf orders arrest of deposed Emir of Kano Aminu Ado Bayero

Kim said that a substantial portion of the investment fund would be earmarked for the financing of regional initiatives, support of refugees and host communities, and also to help countries cushion the effects of crises.

“This World Bank Group financing will support transformational projects during the 2018 to 2020 financial period.

“The IBRD priorities will include health, education, and infrastructure projects such as expanding water distribution and access to power.

“The priorities for the private sector investment will include infrastructure, financial markets, and agribusiness.

“IFC also will deepen its engagement in fragile and conflict-affected states and increase climate-related investments.

“Expected IDA outcomes include essential health and nutrition services for up to 400 million people, access to improved water sources for up to 45 million, and 5GW of additional generation capacity for renewable energy.”